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S&P Global Corporate Sustainability Assessment (CSA) 2021
2
Time Description Speaker4:00pm Welcome & Agenda Giri Tenneti, ASX
4:05pm S&P Global and the CSA Robert Dornau, S&P Global
4:40pm Insights from Australian participantsMonica Dasgupta, QBE Robert Dornau, S&P Global
4:50pm Q&AMonica Dasgupta, QBE Robert Dornau, S&P Global
5:12pm Thank you & final comments Giri Tenneti, ASX
5:15pm Finish
AgendaS&P Global CSA Webinar - Tuesday 30 March, 2021
S&P Global CSA 2021 Discover the Value and impact of the CSA
Robert Dornau
Head of Corporate Engagement
S&P Global
March 2021
In collaboration with the Australian Securities Exchange (ASX)
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Content
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Introducing S&P Global and our ESG offering1
2
3
The Corporate Sustainability Assessment (CSA)
CSA 2020 Results: Australia
Tips for a successful CSA participation4
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1
Introducing S&P Global and our ESG offering
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S&P Global & SAM
4
In January 2020, S&P
Global acquired the ESG
Ratings and Bench-
marking business from
RobecoSAM, which
includes the Corporate
Sustainability
Assessment (CSA).
Positions S&P Global as
the premier resource
for ESG data, ratings,
benchmarks and
insights globally;
leading to enhanced
product offerings and
innovations across all
our divisions.
S&P Global and
RobecoSAM have had
a long-standing, success-
ful partnership of over 20
years; in 1999,
RobecoSAM and S&P
Dow Jones Indices
collaborated to launch the
Dow Jones
Sustainability Index
The CSA now forms the
foundation of company
ESG disclosure to S&P
Global for financially
material ESG factors and
underpins the ESG
research across our
different divisions (S&P
Global Ratings, S&P Dow
Jones Indices and S&P
Market Intelligence).
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S&P Global RatingsFixed Income, Equity, Any Entity
Market IntelligenceCorporates, Equity, Fixed Income
S&P Dow Jones IndicesEquity & Fixed Income Passive
PlattsCorporates
5
Extensive S&P Global ESG Solutions
ESG Solutions
• Energy Transition Prices, News & Analytics
• Long Term and 2 Scenario Planning Outlooks
• Energy Transition technology & policy analytics
• Renewable and clean energy commodity price assessments
• Energy transition and commodity news
• ESG indices Core ESG, Climate, Thematic, Fixed Income
• ESG exclusions and controversies monitoring
• Customized research and benchmarks
• Corporate-Level Analysis e.g. ESG Evaluations
• External Reviews & Opinions e.g. Framework Alignment Opinions and Transaction Evaluations
• ESG in Credit Ratings
• Infrastructure research
• Energy research
• S&P Global ESG Scores
• Environmental and Climate Analytics
• Trucost climate transition and physical risk data
• Trucost portfolio analytics
• Trucost value chain analytics
• Trucost TCFD reporting
• Trucost EU Taxonomy Revenue Share dataset
• Credit risk analysis
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2
The Corporate Sustainability Assessment (CSA)
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What is the CSA and Who Fills it Out?
7
• Not just a questionnaire but a reference tool
• to gauge the financial materiality of company
sustainability performance from an investor
perspective
• To prepare for upcoming sustainability trends
• 61 Industry specific approaches to assess
performance in the economic, social and
environmental dimensions
• Proactive and reactive – methodology adapted
yearly to reflect recent trends in corporate
sustainability management and capture future
opportunities
• Considers public & private data
• Third party audited process
An annual evaluation of the world’s largest companies. 1400 companies completing the 2020 CSA represent a third of global market capitalization.
Record increase in companies actively participating in the CSA
0
200
400
600
800
1000
1200
1400
1600
Source: SAM CSA, Market capitalization as share of S&P Global Broad market Index as on 9 Nov 2020.
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What Companies Are Telling Us About Their Use of the CSA
8
The CSA helps us to reduce
sustainability risks for the company
and realize opportunities.
We use the CSA to develop and
implement a successful and
sustainable business strategy.
The CSA participation embeds
sustainability thinking in the
corporate DNA (networks).
We value the external/internal
recognition for our sustainability
performance.
We use the CSA to communicate
with sustainability focused
investors in a convincing and
credible way.
Summary of feedback received by existing CSA participants
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ESG as Risk Mitigator and Value Driver for All Stakeholders
9
• ESG integration becoming mainstream
• Better performance and lower risk
ASSET MANAGERS• Expect engaged and effective
board of directors
• Increasingly seen as driving growth
SHAREHOLDERS
• ESG-related regulations have proliferated
• Largest economies focusing on disclosure requirements including voluntary (i.e., comply or explain) and mandatory disclosures beginning in 2020
REGULATORS
• Talent is attracted to companies with strong sustainability plans
• Some employees even suggest would take smaller salary to work at a company aligned with their “values”
EMPLOYEES• Majority of millennials suggest willing
to spend more on sustainable goods (e.g., palm oil boycott by customers)
• More corporates focused on ‘Sustainable Sourcing‘
CUSTOMERS
• Banks are increasingly assessing ESG performance of companies they lend to
• ESG risk management amongst top attributes driving fixed income investment decisions
DEBT HOLDERS
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10
The S&P Global Corporate Sustainability Assessment (CSA) assesses ESG factors expected to have an impact on a company’s growth, profitability, capital efficiency and risk exposure.
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Financial Materiality Framework
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The CSA definition of materiality of sustainability
Forms of capital
• Intellectual capital
• Customer capital
• Manufactured capital
• Human capital
• Environmental capital
• Social capital
• Financial capital
& business model
Impact on financials
• Growth (Revenue)
• Profitability (Costs)
• Capital Efficiency
• Risk profile
Key Question
How do
different forms
of capital
impact financial
performance?
We define Materiality as:
Any factor which might
have a present or future
impact on companies‘
value drivers, competitive
position, and thus on
long-term shareholder
value creation
“ “
Source: S&P Gobal
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General criteria include
The CSA: From Data to Score
12
300 0f the 1000 datapoints collected are non-confidential. 700 datapoints are collected based on information that is not required to be public.
Environmental dimension
• Environmental reporting
• Operational Eco-Efficiency
• Climate Strategy
Governance & Economic dimension
• Corporate governance
• Codes of Business Conduct
• Risk and Crisis Management
Social dimension
• Human Rights
• Human Capital Development
• Corporate Citizenship & Philanthropy
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61 Industry Specific Approaches
13
differing by focus area and weight matrices
Source: SAM. For illustrative purposes.
PharmaceuticalsMining & minerals Restaurants
• Payment transparency
• Mineral waste management• Water related risks
• Biodiversity
• Asset closure management• Community impact
• Stakeholder engagement
• Innovation management
• Product Quality & Recall mgmt
• Addressing cost burden• Access to drugs
• Health outcome contributions
• Brand Management
• Customer Relationship Management
• Raw Material Sourcing
• Local Impact of Business Operations
Industry
specific
criteria
examples
applied to
a single or
subset of
industries
Social
Environmental Governance
& Economic
Social
Environmental Governance
& Economic
Social
Environmental
Governance
& Economic
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Evolution of sustainability integration
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Source: Adapted from Holcim Group Support, 2012
Compliance Reputation Risk MitigationIntegration
into Business
Regulatory
compliance, legal
license to operate
Societal license to
operate,
recognition
by regulators
Identifying and
avoiding risk,
identifying
opportunities
Brand differentia-
tion, new markets,
products &
services,
outperforming
competitors,
maximizing
shareholder value
Societal Impact
Programs to
create social and
environmental
impact, Measuring
externalities,
maximizing
societal value
Competitive Advantage Increases
The CSA benchmarks your progress at each step of your sustainability journey
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15
Sources: *”Human Capital Management Coalition” UAW Trust, 2020, uawtrust.org/hmrc, ** US/SIF “The Forum for Sustaiable and Responsible Investment , 2019, www.ussif.ord, *** Principles for Responsible Investment RRI, 2020 www.unpri.org, ****Corporate Governance “Corporate Governance”, 2020, www.corpgov.net: SAM, part of S&P Global. For illustrative purposes only.
CSA Captures Emerging and Underreported Trends
The CSA introduced topics before they where the focus of mainstream ESG investors, most recently plastic waste, living wage, sustainable finance and more.
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Human Resource Management as a Driver of Value Generation
16
Source: CSA
Ensure an appropriate skill set to
execute the business strategy:
Successful companies:
• Attract and retain talent
• Develop skills of employees
effectively
• Motivate and incentivize
employees
• Provide a fair, diverse and safe
working environment
• Offer growth potential
1
Rationale
Methodology to:
• Identify skill gaps
• Understand the financial pay-offs
of investing in employees
• Align long-term performance
targets
• Evaluate individual performance
from different angles
• Prevent discrimination and
exploitation
• Measure turnover and employee
engagement
2
Expected approach
• Financial and non-financial
performance indicators to measure
time and amount invested in human
capital development as well as its
return
• Male to female pay ratio
• (Female) Employee retention rates
• Total and voluntary turnover rates
• Targets and trend of employee
engagement
• Ability to link investment into human
capital development with return for
the business
3
Performance indicators
• Profitability
• Risk profile
• Growth
4
Value Drivers
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Rate the Raters 2020: Investor Survey & Interview Results
Question: Which ESG ratings do you consider to be of the highest quality?(i.e excellence, robustness and accuracy of evaluation)
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13
17
36
42
47
53
62
63
33
50
25
17
36
17
7
13
8
13
Thompson Reuters ESG Scores
FTSE Russel l 's ESG Rat ings
Vigeo Eir is Sustainabi l i ty Rat ing
ISS-Oekom Corporate Rat ing
Bloomberg ESG Performance Scores
ISS Qual i tyScore
MSCI ESG Rat ings
Sustainalyt ics ' ESG Risk Rat ings
CDP Cl imate, Water & Forest Scores
SAM Corporate Sustainabi l i ty Assessment
High Quality (4+5)
Low Quality (1+2)
Number of respondents who listed each rating
Source: **Wong, Christina, et al. Rate the Raters 2020: Investor Survey & Interview Results. SustainAbility, an ERM Group company, 2020
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Fully Integrated in the S&P Global Market Intelligence Platforms
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Including Multi-year Trend Analysis and industry ranking
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Insight Down to the Question Level
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S&P Global ESG Scores accessible by all stakeholders
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Capital Markets participants
– S&P Global Market Intelligence Platforms. ESG Scores down to question level, as data feed or
integrated into portfolio analysis together with up to 200 financial and non-financial indicators per company
– S&P Global Dow Jones Indices, for the growing number of index-based ESG investments. CSA based
scores power the iconic Dow Jones Sustainability Indices (DJSI) and the new S&P ESG Index family
including the S&P 500 ESG and S&P Global 1200 ESG.
– Bloomberg platform. CSA percentile ranks accessible since 2016.
Other stakeholders
– S&P Global ESG Scores website, publicly available scores at total and dimension level, plus the nine
most material ESG criteria data in each industry, peer comparisons and historical changes, serveing a
wide range of financial and non-financial stakeholders ranging from customers and (future) employees, to
academia and NGOs, interested in the sustainability performance of companies,.
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Canada
• S&P Canada LargeMidCap
ESG Index
• S&P Canada LargeMidCap
ESG Index
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Mexico
• S&P/BMV Total Mexico
ESG Index
North America
• DJSI North America
• S&P 500 ESG
Chile
• Dow Jones Sustainability
Chile Index
South Africa
• Dow Jones Sustainability
South Africa Composite
Diversified Index
Europe
• S&P Europe Developed LargeMidCap ESG Index
• S&P Europe Emerging LargeMidCap ESG Index
• S&P Europe 350 ESG Index
• S&P Europe 50 ESG Select Equal Weight (BEL,
DEU, FRA, NLD) Index
• Dow Jones Sustainability Europe Index
India
• S&P BSE 100 ESG Index
• S&P BSE CARBONEX
Asia
• S&P Asia Pacific Developed
LargeMidCap ESG Index
• S&P Asia Pacific Emerging
LargeMidCap ESG Index
• Dow Jones Sustainability Asia
Pacific Index
Japan
• S&P Japan 500 ESG Index
• JPX/S&P CAPEX & Human
Capital Index
Australia
• S&P/ASX 200 ESG Index
• Dow Jones Sustainability
Australia Index
South Korea
• S&P Korea LargeMidCap
ESG Index
• Dow Jones Sustainability South
Korea Index
Nordic
• Dow Jones Sustainability
Nordic Index
Additional Indices Using the CSA Data
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S&P Global ESG Scores website – public transparency
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https://www.spglobal.com/esg/scores/
Sample Company
The scores websites
was accessed over
120’000 times
Since launch on Feb 8,
2021.
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Dow Jones Sustainability Indices Member Emblem
Sourec: Examples of company posts on LinkedIn following launch of The Sustainability Yearbook 2021
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Sourec: Examples of company posts on LinkedIn following launch of The Sustainability Yearbook 2021
Gold-, Silver-, and Bronze-Class awards as well as Industry Mover & Yearbook Member distinctions
The Sustainability Yearbook Distinctions
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How does the CSA process work?
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Universe of DJSI invited companies
27
Source: https://www.spglobal.com/esg/csa/indices/djsi-index-family
2,500 largest
companies of the
S&P Global Broad
Market Index
Top 10% (buffer 15%)
in terms of
Sustainability in each
industry
600 largest European
companies
Top 20% (buffer 30%)
in terms of
Sustainability in each
industry
600 largest North
American companies
Top 20% (buffer 30%)
in terms of
Sustainability in each
industry
600 largest
companies from
Asia/Pacific
Top 20% (buffer 30%)
in terms of
Sustainability in each
industry
800 largest
companies from
Emerging Markets
Top 10% (buffer 15%)
in terms of
Sustainability in each
industry
323 Components
59 CSA Industries
30 Countries
149 Components
55 CSA Industries
15 Countries
142 Components
49 CSA Industries
2 Countries
156 Components
49 CSA Industries
6 Countries
100 Components
45 CSA Industries
13 countries
All companies of the
S&P MILA Pacific
Alliance Composite
Top 40% (buffer 45%)
in terms of
Sustainability in GICS
Industry Group and
limited by 30% of the
Invited Universe in
each GICS Industry
Group
Entire S&P ASX 200
Top 30% (buffer 45%)
in terms of
Sustainability in each
industry
62 Components
28 CSA Industries
4 countries
45 Components
16 CSA Industries
1 Country
DJSI World DJSI Europe DJSI North
America
DJSI
Asia/Pacific
DJSI Emerging
MarketsDJSI MILA DJSI Australia
Po
ol
Se
lection c
rite
ria
Re
su
lt
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Dow Jones Sustainability Indices represent the historic invitation universe. This year over 5000 companies will be invited covering different S&P indices.
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More than 5000 companies invited for the CSA 2021
Timeline for Australian companies
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To access the full invitation list: www.spglobal.com/esg/csa/csa-2021
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CSA Portal — https://portal.csa.spglobal.com/survey/
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• Secure online platform
• Managed by S&P Global
• Privacy protection
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CSA Portal — Registration
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• Pick company name from
drop down
• Use corporate email
address
• Confirmation within one
business day
• Contact us in case of
problems
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CSA Portal — User Management
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• Set up users
• Assign access rights
• Manage notification
settings
• Track logins
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CSA Portal — Online Questionnaire
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• Quick navigation
• Tracks your progress
• Additional information
• Public / non-public
requirement
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CSA Portal — Additional Information
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• Recommended reading
• Question rational
• Key definitions
• Data requirements
• References
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CSA Portal – Your project management solution
• Access a question-specific help function including background information on the rationale for each question
• Easily attach supporting evidence including hyperlinks, documents and comments to support your answers
• Quickly view questionnaire completion progress with clearcolor-coding scheme
• Share access to the tool within your organization to enabledifferent users to enter data
• Control user access rights to protect sensitive information
• Control final questionnaire sign-off
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The CSA is completed via our secure and user-friendly online questionnaire platform:
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35
Sustainability is a Moving TargetThe CSA Supports Continues improvement with Annual Benchmarking• Assessment
process
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CSA Portal — Benchmarking Tab
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Peer Ranking and Scores as well as Trend Analysis
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NEW as of 2020
Question-level Scores
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Leading Practices Database – Free for First-time Participants
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Create custom reports for
your subject matter experts
to engage them with peer
group examples
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3
CSA 2020 Results: Australia
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2020 CSA participation in Australia
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Australian CSA participation rate: 31% (vs. 40% Global)
Selection of Industries with participation >40%:
INS, BNK, CNO, STL, MNX, OGX, REA, COS, MUW
Selection of Industries with participation rate <25%:
FOA, HEA, PUB, TSV, SOF, TLS, FBN
Check out our interactive
presentation on CSA
participation:
https://www.spglobal.com/
esg/csa/djsi-csa-annual-
review-2020
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Total Score Comparison: Australia vs World
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The chart shows the average Total Score of all participating companies by region/ country versus the average Total Score of all participating companies worldwide and the DJSI World
Source: S&P Global Corporate Sustainability Assessment (CSA) 2018 - 2020
0
10
20
30
40
50
60
70
80
90
100
2018 2020
Sco
re
Average Total Scores
Asia Pacific Australia All participating companies DJSI World
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Dow Jones Sustainability Indices Sustainability Yearbook 2021 Distinctions
Australian DJSI Members and Sustainability Yearbook Medallists
• 14 DJSI World Members
• 24 DJSI Asia Pacific Members
• 45 DJSI Australia Members
All DJSI components:
www.spglobal.com/esg/csa/djsi-csa-annual-review-2020
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• 3 Gold (Dexus, Fortescue Metals, Tabcorp)
• 3 Silver (ANZ, GPT Group, Stockland)
• 4 Bronze (Brambles, NAB, The Star Entertainment, Transurban)
• 2 Industry Movers (Downer, Suncorp)
• 18 Yearbook Members
Access full ranking: www.spglobal.com/yearbook
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4
Tips for a successful CSA participation
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Tips for a successful CSA process
Data Quality
• Read information texts and question texts
• Follow the given definitions
• If in doubt, contact the CSA Helpline
Not applicable questions
• If you feel that a specific question is not applicable to your
company’s business model, please contact the helpline
Supporting References & Comments
• When requested provide supporting evidence for all
relevant elements
• More documents and longer comments do not equal a
higher score!
Non-English Documents
• The official language of the CSA is English
• Translations are acceptable
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Webcast Series
• Assessment process
• Methodology highlights
• criteria review
Webcast recordings
www.spglobal.com/esg/csa/csa-2021
Permission to reprint or distribute any content from this presentation requires
the prior written approval of S&P Global. Not for distribution to the public. 46
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Additional Resources
To access your scorecardand the Benchmarking Database
https://portal.csa.spglobal.com/survey/
CSA websites with studies, reports, guidelines etc.
www.spglobal.com/esg/csa
Questions? Contact the CSA Helpline
+41 44 529 51 60
(Mon-Fri 8:00-18:00 CET)
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Disclaimer
Unless otherwise noted, all information, data and other material, including ratings or scores (all such information, “Content”) contained in this publication and other reports, materials, or websites of S&P Global Inc. and/or its affiliates is the exclusive property of S&P Global (Switzerland) SA, a subsidiary of S&P Global Inc., and/or its relevant affiliates (individually and collectively “S&P”) and may not be copied or reproduced in any form except with the prior written permission of S&P. The Content shall not be used for any unlawful or unauthorized purposes. This publication is derived from sources believed to be accurate and reliable, but it is each reader’s responsibility to evaluate the accuracy, completeness and usefulness of any opinions, statements or other Content contained in this publication. The Content and any other material and information in this publication are provided “as is” and without warranties of any kind, either expressed or implied. S&P Global (Switzerland) SA, a subsidiary of S&P Global Inc., and/or its relevant affiliates disclaim all warranties, expressed or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose.
S&P (and any third-party providers, as well as their directors, officers, shareholders, employees or agents) does not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall S&P (and any third-party providers, as well as their directors, officers, shareholders, employees or agents) be liable for any direct, indirect, special, incidental, and/or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profit and opportunity costs) in connection with any use of the Content (including, without limitation, any opinions or other information expressly or implicitly contained in this publication).
Any opinions and views in this publication reflect the current judgment of the authors and may change without notice. Further, any opinions and views expressed by CSA participants do not reflect the policies or positions of S&P or any other person, organization or company. The Content contained in this publication is distributed with the understanding that the authors, publishers and distributors are not rendering legal, accounting or other professional advice or opinions on specific facts or matters and accordingly assume no liability whatsoever in connection with its use. The Content contained in this publication constitutes neither a solicitation, nor a recommendation, nor an offer to buy or sell investment instruments or others services, or to engage in any other kind of transaction, and such information is not directed to persons in any jurisdiction where the provision of such Content would run counter to local laws and regulations. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.
For information provided as part of the CSA questionnaire refer to our “Use of Information and Confidentiality Policy” https://portal.csa.spglobal.com/survey/documents/Use_of_Information_Policy.pdf and for personal information provided to S&P refer to S&P Global’s Privacy Policy: https://www.spglobal.com/en/privacy/privacy-policy-english.
Copyright© 2021 S&P Global Inc. All rights reserved.
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Monica Dasgupta
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Senior Manager Sustainability, QBE Insurance Group Ltd
QBE and S&P Global’s Corporate Sustainability Assessment (CSA)
QBE’s participation in the CSA
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Sustainability is at the core of what we do and how we do itOur Sustainability Framework
As a company that helps people and businesses protect themselves from risk, QBE has a focus on sustainability. The identification of current and emerging trends, is an integral part of achieving our purpose, understanding the needs of our customers and ensuring the sustainability of our own business.
We articulate our approach to sustainability across six core focus areas:
Sustainable insurance
Impact and responsible investments
Customer and community
People and culture
Operational excellence
Governance
3
Sustainability governance at QBE
• The QBE Group Board is responsible for overseeingQBE’s social, ethical and environmentalresponsibilities.
• The Board is supported by the Board Risk & CapitalCommittee in overseeing and guiding QBE’ssustainability approach, initiatives and reporting.
• Our Group Executive Committee reviews andapproves our sustainability agenda and priorities,receiving updates on these throughout the year.
4
Sustainability is integrated into our 2021 strategic priorities Sustainability is integrated QBE’s strategic priorities, particularly within the performance pillar where we remain focused on meeting our climate and broader sustainability commitments. Our priorities around customer, talent and culture are also deeply linked to our sustainability approach.
5
QBE has been participating in the CSA since 2016
• We seek to be transparent and open about our sustainability goals and achievements through ongoing stakeholder engagement and regular reporting.
• External sustainability ratings and industry benchmarking initiatives provide an important opportunity for us to continually improve our sustainability performance.
• For QBE, the CSA is a comprehensive, extensive sustainability questionnaire covering most of our material topics with 22 criterion across governance & economic, environmental and social dimensions.
• Over the past 4 years, we have made significant progress and improvements in our performance.
• This has been recognised with inclusion in the Sustainability Yearbook since 2020.
6
Internal use of the CSA and platform
• Significant tool for internal stakeholder engagement across our entire global business.
• Internal communications and employee engagement.
• Teams are engaged to understand how they can contribute to QBE’s overall sustainability performance.
• Year-on-year performance and process improvement opportunities across the business.
• Access to S&P Global’s benchmarking services provides our team and our stakeholders with access to detailed analysis and leading practice examples we can learn from.
7
External use and communication
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We continue to drive enhanced transparency about our sustainability performance and achievements
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General tips for first time participants
• Thoroughly read through the additional guidance provided for each question.
• Review your industry leaders in the Sustainability Yearbook and see if there is anything you can learn from them.
• Maintain an open dialogue with S&P Global throughout the process.
• Detailed benchmarking services are very helpful for first time users.
• Utilise the results and analysis to add value to your internal stakeholders.
• Dedicate sufficient time and resources for your first time participating.
• If you have multiple users on the platform at the same time, ensure you save your work.
Thank you
Thank you.
4
For further information about the CSA 2021 and how to get assessed please email:
S&P Global CSA Helpline: [email protected]
Website: https://www.spglobal.com/esg/csa/
ASX: [email protected]